Other Types Of P&C Flashcards
FIMA
Federal insurance and mitigation administration
NFIP
National flood insurance program
SIR
Self insured retention. I deductible that must be paid by an insured in order to access the umbrella policies funds
WYO
Write your own. Insurers write the coverage on their own paper
Purpose of NFIP
Fill in the gap in flood cov left by the private insurers
Parties in a surety bond?
Principal
Obligee
Guarantor
Non-admitted insurers
Excess surplus lines
Where can flood policies be issued
Only in participating flood prone areas
What type of liability insurance offers coverage for:
medical malpractice
agents and brokers
errors and omissions
directors and officers
Professional liability
What are residual markets
Insurance markets designed to assume risks that are generally not sure insurable in the normal insurance market
Name for the deductible in umbrella policy
Self-insured retention
Professional liability coverage protect The insured against legal liability resulting from what?
E & O
A person or business that requires coverage for all liability exposure should purchase what type of insurance?
Commercial general liability CGL and professional liability
When can insurance be sold to a surplus lines insurer
Hard to place risks extraordinary risks That cannot be obtained through an authorized carrier
A customer that is insured under a mobile homeowners policy wants to move her mobile home what does she need from the insurer
Transportation/permission to move endorsement
An individual doing remodeling and re wiring in the city that has building codes will need what kind of bond
License and permit bond
If a contractor defaults on a construction performance contract what happens
The obligee May engage another contractor and then seek reimbursement from the surety
Aviation hull Insurance
Major structural parts of an aircraft
FAIR plan coverage is provided by
Private insurers
Federal crop insurance policy covers Up to what percentage
75%
Not considered a residual market:
Assigned risk auto plan
state P&C guaranty association
joint underwriting association
FAIR plan
State P&C guaranty association
Who has the right to veto the repair facility for a vessel
The underwriter
Insurance agencies that sell crop Insurance are reinsured by who
TheFCIC
Loss of yield cause by any of the following events would be considered under the federal crop insurance policy except:
Mismanagement by the insured
theft of crops by the insured
loss of yield bad farming practices
all of the above
All of the above
True or false:
Each DIC policy is an individually written contract that contains provisions unique to the particular risk that it covers
True
